Minimum Annual Royalty Payments. For the [year] calendar year and each subsequent calendar year during the term of this Agreement, Licensee shall pay to Alliance a minimum annual royalty payment in the amount of [MAR amount] ([Amount in U.S. dollars]) in U.S. dollars annually. [ALT: …Licensee shall pay to Alliance annually the applicable Minimum Annual Royalty defined by Table X below.] Licensee shall make such payment to Alliance within thirty days of the beginning of the calendar year for which it is due. For each calendar year, that year’s Minimum Annual Royalty payment shall be fully creditable against continuous royalties paid to Alliance, under Exhibit B, Article C above, for such calendar year, but shall not be creditable against any other payment due under this Agreement, including past or future continuous royalties that may be or become due. Table X: Minimum Annual Royalties Calendar Year Min. Royalties (USD) Due Date
Minimum Annual Royalty Payments. For the [year] calendar year and each subsequent calendar year during the term of this Agreement, Licensee shall pay to Alliance a minimum annual royalty payment in the amount of [MAR amount] ($xx,xxx) in U.S. dollars annually. [ALT: …Licensee shall pay to Alliance annually the applicable Minimum Annual Royalty defined by Table X below.] Licensee shall make such payment to Alliance within thirty days of the beginning of the calendar year for which it is due. For each calendar year, that year’s Minimum Annual Royalty payment shall be fully creditable against continuous royalties paid to Alliance, under Exhibit B, paragraph C above, for such calendar year, but shall not be creditable against any other payment due under this Agreement, including past or future continuous royalties that may be or become due.
Minimum Annual Royalty Payments. Separate and apart from the IP Purchase Payment and Warrant set forth in Section 1, Buyer agrees to provide royalty payments to Seller in the amount of *** per year ("Minimum Annual Royalty Payment") commencing one (1) year from the Effective Date and continuing for a period of *** years thereafter (totaling *** over *** years following the Effective Date).
Minimum Annual Royalty Payments. As further consideration for the rights and licenses granted by Buck to Sponsor herein, Sponsor shall pay to Buck an annual minimum royalty of [***] U.S. Dollars ($[***]). The first annual minimum royalty payment shall be due within thirty (30) days of the fourth (4th) anniversary of the Effective Date, with subsequent annual minimum royalty payments being due within thirty (30) days of each subsequent anniversary of the Effective Date until the expiration (or, if applicable, the earlier termination) of this Agreement. Annual minimum royalty payments shall be non-refundable but shall be creditable against milestones owed under Section 3.3, running royalties accrued under Section 3.5 and sublicensing fees owed under Section 3.7, in each case that have been accrued and paid during the preceding one (1) year period. [***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.
Minimum Annual Royalty Payments. For the 2013 calendar year and each subsequent calendar year during the term of this Agreement, Licensee shall pay to Alliance a minimum annual royalty payment in the amount of Twenty Five Thousand ($25,000) in U.S. dollars annually. Licensee shall make such payment to Alliance within thirty days of the end of the calendar year in which it is due. For each calendar year, that year’s Minimum Annual Royalty payment shall be fully creditable against continuous royalties paid to Alliance, under Exhibit B, paragraph C above, for such calendar year, but shall not be creditable against any other payment due under this Agreement, including past or future continuous royalties that may be or become due. Alliance will NOT send invoices for payments due on a fixed schedule. It is Licensee’s responsibility to make all payments in accordance with this Agreement and all late payments will be charged interest in accordance with Paragraph 4.4 of this Agreement.
Minimum Annual Royalty Payments. In the event that for any calendar year or portion thereof the royalty payment under Section 2.2 is less than Sixty Thousand Dollars ($60,000), Assignee shall pay to Assignor the minimum annual royalty amount of Sixty Thousand Dollars ($60,000.00) in lieu of the royalty payment under Section 2.2. In addition, on March 31 2017 the Executive shall receive a grant of an option with cashless exercise to purchase 2,000,000 shares of the Company’s common stock for $1.20 per share as an inducement for him to enter into this Agreement.
Minimum Annual Royalty Payments. As further consideration for the rights and licenses granted by Buck to Sponsor herein, Sponsor shall pay to Buck an annual minimum royalty of [***] U.S. Dollars ($[***]). The first annual minimum royalty payment shall be due within thirty (30) days of the fourth (4th) anniversary of the Effective Date, with subsequent annual minimum royalty payments being due within thirty (30) days of each subsequent anniversary of the Effective Date until the expiration (or, if applicable, the earlier termination) of this Agreement. Annual minimum royalty payments shall be non-refundable but shall be creditable against milestones owed under Section 3.3, running royalties accrued under Section 3.5 and sublicensing fees owed under Section 3.7, in each case that have been accrued and paid during the preceding one (1) year period.
Minimum Annual Royalty Payments. In order to maintain the exclusive license rights granted OCEAN POWER in this Agreement, OCEAN POWER's aggregate minimum annual Royalty payments to Licensors made by the indicated due dates (the "Minimum Annual Royalty Payments") shall match or exceed the following: Year Anniversary Minimum Annual Royalty Due Date ================== ======================== ========================== Year 1 $ 500,000 Effective Date ------------------ ------------------------ -------------------------- Year 2 $ 500,000 One year after the Effective Date ------------------ ------------------------ -------------------------- Year 3 $1,500,000 Two years after the Effective Date ------------------ ------------------------ -------------------------- Year 4 $2,000,000 Three years after the Effective Date ------------------ ------------------------ -------------------------- Year 5 $3,000,000 Four years after the Effective Date ------------------ ------------------------ --------------------------
Minimum Annual Royalty Payments. (a) Notwithstanding Section 1, Buyer shall pay an annual minimum Royalty (the “Annual Minimum Royalty”) to Seller during the Term as follows: (a) the Annual Minimum Royalty for the first year during the Term shall be $105,000; (b) the Annual Minimum Royalty for the second year during the Term shall be $157,000; and (c) Annual Minimum Royalty for the third, fourth, fifth and sixth years during the Term shall be $210,000; for a cumulative amount of total Annual Minimum Royalty of $1,102,000. If in any year during the Term the aggregate amount of the Royalty payments made during such year is less than the applicable Annual Minimum Royalty for such year (a “Shortfall”), then Buyer shall make an additional payment to Seller in the amount of the Shortfall together with the fourth quarter Royalty payment for such year.
Minimum Annual Royalty Payments. To maintain its rights granted by SPC under this Agreement, Choten agrees to pay to SPC the following minimum annual royalties during each year of the term of this Agreement:
